FAC Explorer

Audit 396131

FY End
2025-06-30
Total Expended
$1.30M
Findings
2
Programs
10
Organization: Brattleboro Development Credit Corporation (VT)
Year: 2025 Accepted: 2026-03-30
Auditor: CBIZ CPAS PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1201577 2025-002 Material Weakness Yes L
1201578 2025-002 Material Weakness Yes L

Programs

ALN Program Spent Major Findings
17.280 WIOA DISLOCATED WORKER NATIONAL RESERVE DEMONSTRATION GRANTS $336,505 Yes 1
59.046 MICROLOAN PROGRAM $245,925 Yes 0
17.289 COMMUNITY PROJECT FUNDING/CONGRESSIONALLY DIRECTED SPENDING $231,664 Yes 1
93.566 REFUGEE AND ENTRANT ASSISTANCE STATE/REPLACEMENT DESIGNEE ADMINISTERED PROGRAMS $128,929 Yes 0
10.771 RURAL COOPERATIVE DEVELOPMENT GRANTS $100,173 Yes 0
10.446 RURAL COMMUNITY DEVELOPMENT INITIATIVE $85,507 Yes 0
10.870 RURAL MICROENTREPRENEUR ASSISTANCE PROGRAM $78,888 Yes 0
11.302 ECONOMIC DEVELOPMENT SUPPORT FOR PLANNING ORGANIZATIONS $56,305 Yes 0
11.024 BUILD TO SCALE $28,490 Yes 0
90.601 NORTHERN BORDER REGIONAL DEVELOPMENT $10,000 Yes 0

Contacts

Name Title Type
MMAVDLXGDMS4 Joshua Pacheco Auditee
8022577731 Alyssa Simard Auditor
No contacts on file

Notes to SEFA

The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Brattleboro Development Credit Corporation and Subsidiaries (BDCC) under programs of the federal government for the year ended June 30, 2025. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of BDCC, it is not intended to and does not present the consolidated financial position, changes in net assets, or cash flows of BDCC.
Total expenditures in the accompanying Schedule for the Microloan and Rural Microenterprise Assistance Program includes the total amount of new loans made during fiscal year 2025, as well as the expenditures related to those programs during the year. There were no loans for which the Federal government imposed “continuing compliance requirements.” The total expenditures presented on the Schedule of $245,925 for the Microloan Program includes new loans of $155,411 plus the amount of current year expenditures of $90,514. The total expenditures presented on the Schedule of $78,888 for the Rural Microenterprise Assistance Program includes new loans of $73,922 plus the amount of current year expenditures of $4,966.

Finding Details

Finding 2025-002
2025-002 Improve Internal Controls and Compliance with Reporting Requirements Federal Program(s) Information Federal Agency: U.S. Department of Labor Award Name: WIOA Dislocated Worker National Reserve Demonstration Grants, Community Project Funding/Congressionally Directed Spending Assistance Listing Number: 17.280, 17.289 Award Year: 2025 Compliance Requirement: Reporting Type of Finding Compliance Internal Control Over Compliance – Significant Deficiency Criteria or Specific Requirement Uniform Guidance (2 CFR §200.328) and federal award terms for assistance listing numbers 17.280 and 17.289 require recipients to submit accurate financial and performance reports on a quarterly basis, within 45 calendar days following the quarter end. Reports must reflect actual financial activity for the period and agree to the underlying records of the Organization. Condition and Context We tested two quarters of financial and performance reports for each award. For the quarter ending June 30, 2025, the required reports were not submitted within the deadline of 45 calendar days after quarter end for both awards. Additionally, the report submitted for the 17.280 grant for the same quarter did not agree to the underlying accounting records. Cause The Organization did not have effective controls to ensure timely submission of required quarterly reports and did not perform adequate review to reconcile the 17.280 grant report to the accounting records prior to submission. Effect or Potential Effect Untimely submission and lack of reconciliation of reports increases the risk of inaccurate reporting, and constitutes noncompliance with federal requirements. No questioned costs are reported as these issues are administrative in nature. Recommendation The Organization should strengthen internal controls to ensure timely submission of all required financial and performance reports, and implement procedures to verify that reports reconcile to the underlying accounting records prior to submission. Views of Responsible Official Management’s corrective action plan is included at the end of this report after the Schedule of Prior Year Findings.